GBR 8-K
New Concept Energy, Inc. (GBR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
| Date of Report (Date of earliest event reported): |
(Exact Name of Registrant as Specified in its Charter)
|
|
|
|
| (State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
|
|
| |
| (Address of principal executive offices) | (Zip Code) | |
| Registrant=s telephone number, including area code |
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
|
Title of Each Class |
Trading Symbol |
Name of Each Exchange on which Registered |
|
|
|
|
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ('230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ('240.12b-2 of this chapter).
| Emerging growth company |
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| o |
Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition
On August 10, 2022, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended June 30, 2022. A copy of the announcement is attached as Exhibit “99.1.”
The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is furnished with this Report:
|
Exhibit Designation |
Description of Exhibit | |
| 99.1* | Press Release, dated August 10, 2022 |
_________________________
* Furnished herewith
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated: August 12, 2022
| NEW CONCEPT ENERGY, INC. | ||
| By: | /s/Gene S. Bertcher | |
|
|
Gene S. Bertcher, President and Chief Financial Officer | |
3
EXHIBIT “99.1”
|
NEWS RELEASE
FOR IMMEDIATE RELEASE
|
Contact:
New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407
|
New Concept Energy, Inc. Reports Second Quarter 2022 Results
Dallas (August 10, 2022) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2022.
During the three months ended June 30, 2022, the Company reported net income of $138,000 compared to net income of $49,000 for the three months ended June 30, 2021.
For the three months ended June 30, 2022 the Company had revenue of $47,000 including $26,000 for rental income and $21,000 for management fees as compared to rental income of $26,000 for the comparable period in 2021.
For the three months ended June 30, 2022, corporate general & administrative expenses were $80,000 as compared to $111,000 for the comparable periods in 2021. The decrease was due to an overall reduction of administrative expenses.
Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.
New Concept Energy, Inc. is a Dallas-based company which owns real estate West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.
Contact: New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
| 1 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
| June 30, 2022 | December 31, 2021 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 372 | $ | 252 | ||||
| Note receivable - related party | 3,542 | 3,560 | ||||||
| Other current assets | 43 | - | ||||||
| Total current assets | $ | 3,957 | $ | 3,812 | ||||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment | 637 | 643 | ||||||
| Total assets | $ | 4,594 | $ | 4,455 | ||||
| 2 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited)
(dollars in thousands, except par value amount)
| June 30, 2022 | December 31, 2021 | |||||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 19 | $ | 28 | ||||
| Accrued expenses | 37 | 32 | ||||||
| Total current liabilities | 56 | 60 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, Series B | 1 | 1 | ||||||
| Common stock, $.01 par value; authorized, 100,000,000 | ||||||||
| shares; issued and outstanding, 5,131,934 shares | ||||||||
| at June 30, 2022 and December 31, 2021 | 51 | 51 | ||||||
| Additional paid-in capital | 63,579 | 63,579 | ||||||
| Accumulated deficit | (59,093 | ) | (59,236 | ) | ||||
| Total shareholder equity | 4,538 | 4,395 | ||||||
| Total liabilities & equity | $ | 4,594 | $ | 4,455 | ||||
| 3 |
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
| For the Three Months ended June 30, | For the Six Months ended June 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenue | ||||||||||||||||
| Rent | $ | 26 | $ | 26 | $ | 51 | $ | 52 | ||||||||
| Management Fee | 21 | - | 41 | $ | - | |||||||||||
| Total Revenues | 47 | 26 | 92 | 52 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Operating Expenses | 13 | 20 | 25 | 38 | ||||||||||||
| Corporate general and administrative | 80 | 111 | 160 | 185 | ||||||||||||
| Total Operating Expenses | 93 | 131 | 185 | 223 | ||||||||||||
| Operating earnings (loss) | (46 | ) | (105 | ) | (93 | ) | (223 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest income | 54 | 56 | 106 | 112 | ||||||||||||
| Interest expense | - | (2 | ) | - | (4 | ) | ||||||||||
| Other income, net | 130 | 100 | 130 | 191 | ||||||||||||
| 184 | 154 | 236 | 299 | |||||||||||||
| Net income (loss) applicable to common shares | 138 | 49 | 143 | 128 | ||||||||||||
| Net income per common share-basic and diluted | $ | 0.02 | $ | 0.01 | $ | 0.03 | $ | 0.02 | ||||||||
| Weighted average common and equivalent shares outstanding - basic | 5,132 | 5,132 | 5,132 | 5,132 | ||||||||||||
4